Minerals Resource Rent Tax Act 2012
145‑10 Continuation of pre‑mining projec145‑10 Continuation of pre‑mining project interest
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145‑10 Continuation of pre‑mining project interest
(1) The *pre‑mining project interest (the new interest) that an *entity (the new explorer) *holds just after a *pre‑mining project transfer is taken to be a continuation of the pre‑mining project interest (the original interest) an entity (the original explorer) held just before the transfer.
Note: This means, for example, that:
(a) the pre‑mining project interest retains the history of when it started, and of the entities who have held the interest at various times; and
(b) a choice made, under Division 85, of the valuation approach for the pre‑mining project interest continues to have effect.
Meaning of pre‑mining project transfer (2) A pre‑mining project transfer happens if: (a) an *arrangement that has the effect of transferring the whole of the interest comprising a *pre‑mining project interest from one *entity to a single other entity comes into force; and (b) the pre‑mining project interest the other entity starts to *hold covers the same *project area.